Ethics can be defined as a process of evaluating actions according to moral principal of values(A.Alhemoud). Throughout the centuries people were trying to choose between profit and moral. Perhaps, some of them obtain both, but every time it could have roused ethical issues. Those issues concern fairness, justice, rightness or wrongness; as a result it can only be resolved according to ethical standards.

Setting the ethical standards for the way of doing business in corporation is primarily task of management. Corporations have to maintain the same standards as an individual person and, in addition, corporations, as organizational units, have their own social responsibilities toward customers, employees and society. However, any business should keep it's original purpose of functioning - making profit. Balancing the traditional standards of profitability and burden of social responsibilities is not an easy task. In recent years it has been a trend of setting standards of corporate ethics according to high degree of morale.

English: AMA (American Medical Association)'s Code...

Accounting Professional & Ethical Standards Board

Ethical Theory and Moral Practice

To be able to keep the ethical standards management must follow the law. However, there are some complications in enforcing it. The law affects and is affected by social forces and prevailing ethical standards. 'Although the law can codify societies ethical

values, ethical decision making transcends the law in that 1) the law deals with actions not

with thoughts, and therefore it does not (and cannot) codify all ethical requirements; and

2) an individual or a group may perceive a given law as immoral, not as a guide to ethical behavior.' ( A. Alhemoud). How, then, a company can ensure that its code of ethics is both followed and enforced ? ' ...Defense firm such as General Dynamics and TRW, and an information...

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... Body Shop Company that was publicly enforced to rephrase a statement that its? products were not tested on animals (Some other companies did that in the past). This accident made many consumers question Body Shop?s ethical standards. Another interesting issue in corporate management ...

... money if something good happens for the corporation, but an agency that is there to check and double check the balances in how the corporation is functioning for society and is directly over managing and documenting all transactions. Addressing the importance of ethics ...